{"id":554215,"date":"2021-12-23T03:51:14","date_gmt":"2021-12-23T03:51:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/23\/try-rebound-smoke-and-mirrors\/"},"modified":"2021-12-23T03:51:14","modified_gmt":"2021-12-23T03:51:14","slug":"try-rebound-smoke-and-mirrors","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/23\/try-rebound-smoke-and-mirrors\/","title":{"rendered":"TRY rebound: Smoke and mirrors?"},"content":{"rendered":"

<\/a> Boom year for IPOs \u2260 historic returns: <\/strong>More than half of this year\u2019s IPOs in the US are currently trading below their offer prices, with returns marginally up about 1.6% on a weighted average basis, according to data compiled by Bloomberg<\/a>. A volatile final quarter of the year and lackluster performances have weighed on the record-breaking year of listings<\/a>, with inflation and supply chain disruptions posing more bottlenecks to the year\u2019s class of IPOs.<\/p>\n

The weak performance has raised question marks on how the IPO pipeline for 2022 will fare.<\/strong> \u201cInvestors are likely to exert more value discipline following this year\u2019s IPO performance,\u201d one analyst said. \u201cCompanies will also be more disciplined around what valuations they will be willing to accept.\u201d<\/p>\n

\n

How did the TRY really rebound? Probably thanks to an \u201caggressive\u201d intervention from<\/strong> the Turkish central bank<\/strong>, if nosediving foreign reserves this week are any indicator, the Financial Times<\/a> says. Earlier this week, the currency clawed back some of its record losses after the government rolled out<\/a> a new program to encourage holding on to TRY deposits, but calculations from the salmon-colored paper indicate that \u201cthe country\u2019s net foreign assets fell by USD 5.9 bn\u201d to end up in negative territory at the same time as the savings program was announced.<\/p>\n

Whatever the Turks are really pulling, it\u2019s too little too late for its sovereign and corporate debt.<\/strong> Turkey\u2019s USD-denominated sovereign debt has posted its worst performance in 2013 and Turkish corporate debt is the sixth-worst performer globally, Bloomberg<\/a> reports. The savings scheme didn\u2019t do much to compensate investors in debt instruments for their losses \u201cand risks piling further pressure on state finance,\u201d the business information service says.<\/p>\n

\n

Several major buyers in Europe hit the limits of their contracted gas supplies, sending <\/strong>prices to a new record high<\/strong>, Bloomberg<\/a> reports. Russia\u2019s Gazprom \u2014 a main supplier to the EU and subject of much controversy<\/a> for the past months over its slimming gas exports \u2014 has reportedly met its contracts with a number of major buyers, despite figures seen by Bloomberg showing that it\u2019s on course to miss its targets for 2021 volumes.<\/p>\n

Enter USA: <\/strong>10 US LNG tankers carrying a combined 1.6 mn cubic meters of heating and power plant fuel are heading to Europe, shipping data compiled by Bloomberg<\/a> shows. US LNG cargoes to Europe have ramped up this winter as the continent begins to look beyond Russia for its fuel.<\/p>\n

ALSO-<\/strong><\/p>\n